Chart of the Day - Wednesday, January 8, 2025

Patrick Dunuwila
January 8, 2025

Chart of the Day


🏆 Today's Chart of the Day was shared @TrendSpider.
 

  • The S&P 500 ($SPY) closed slightly higher today (+0.16%) after successfully testing its post-election gap earlier in the session. 
     
  • This level also represents the neckline of a potential Head & Shoulders Top. However, buyers have defended this level several times since the election. 
     
  • Momentum has remained strong during this two-month consolidation, with RSI refusing to reach oversold territory (below 30) while printing higher lows recently. 
     

The Takeaway: The S&P 500 ($SPY) successfully tested its post-election gap today. Tension is growing at this key battleground, as are the implications of a break or bounce. 

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